Problem 13-4A The income statement of Whitlock Company is presented here WHITLOCK COMPANY Income Statement For the Year Ended November 30, 2017 Sales revenue $7,447,800 Cost of goods sold Beginning inventory Purchases Goods available for sale Ending inventory $1,982,100 4,301,500 6,283,600 1,449,400 Total cost of goods sold Gross profit Operating expenses Net income 4,834,200 2,613,600 1,126,000 $1,487,600 Additional information: 1. Accounts receivable increased $197,100 during the year, and inventory decreased $532,700 2. Prepaid expenses increased $172,100 during the year 3. Accounts payable to suppliers of merchandise decreased $342,100 during the year, 4. Accrued expenses payable decreased $107,000 during the year 5. Operating expenses include depreciation expense of $91,400 Prepare the operating activities section of the statement of cash flows using the direct method Problem 13-4A The income statement of Whitlock Company is presented here WHITLOCK COMPANY Income Statement For the Year Ended November 30, 2017 Sales revenue $7,447,800 Cost of goods sold Beginning inventory Purchases Goods available for sale Ending inventory $1,982,100 4,301,500 6,283,600 1,449,400 Total cost of goods sold Gross profit Operating expenses Net income 4,834,200 2,613,600 1,126,000 $1,487,600 Additional information: 1. Accounts receivable increased $197,100 during the year, and inventory decreased $532,700 2. Prepaid expenses increased $172,100 during the year 3. Accounts payable to suppliers of merchandise decreased $342,100 during the year, 4. Accrued expenses payable decreased $107,000 during the year 5. Operating expenses include depreciation expense of $91,400 Prepare the operating activities section of the statement of cash flows using the direct method